Economy, asked by danishsaifi746786456, 5 months ago

An individual firm under perfect competition is price taker. Explain how

Answers

Answered by GuriSingh07

3

Explanation:

A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors.

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